Lakeland Bancorp Announces First Quarter Results
Lakeland Bancorp, Inc. (LBAI)
Last lakeland bancorp, inc. earnings: 4/30 08:00 am
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US:NASDAQ Investor Relations:
lakelandbank.com/about/investor-relations
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Source: GlobeNewswire
OAK RIDGE, N.J., April 30, 2020 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (NASDAQ: LBAI) (the “Company”), the parent company of Lakeland Bank (“Lakeland”), reported net income of $12.4 million and earnings per diluted share ("EPS") of $0.24 for the three months ended March 31, 2020 compared to net income of $15.6 million and diluted EPS of $0.31 for the first quarter of 2019. Excluding merger-related expenses pertaining to the Company’s January 2019 acquisition of Highlands Bancorp, Inc. ("Highlands") of $2.1 million, tax-effected, net income for the first quarter of 2019 was $17.8 million, or $0.35 per diluted share. For the first quarter of 2020, annualized return on average assets was 0.76%, annualized return on average common equity was 6.77% and annualized return on average tangible common equity was 8.65%. The first quarter results were adversely impacted by a $9.2 million provision for loan losses compared to a $508,000 provision for the same period last year. The increased
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